Important Current Affairs May 2016 Capsule with PDF

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Here is an update of the Important Current Affairs May 2016 Capsule. This is a capsule of all the important pieces of news from the month of May 2016. It is useful for all the General Awareness, Current Affairs and General Studies and Current Affairs sections of various competitive examinations. You can now also download the important current affairs May 2016 capsule PDF for a quick review before your exams. Find a short snippet preview of the Important Current Affairs May 2016 Capsule below.

The bank got approval for increase in the foreign investment limit to 74% from the existing foreign equity of 41.87%.

It got approval to raise the limit without any sub-limits for investment.

This will result in a FDI of $1 billion in the country.

World Bank Launches $500m Insurance Fund

The World Bank said it was launching a $500 million insurance fund to combat deadly pandemics in poor countries,.

It will create the world’s first insurance market for pandemic risk

In the event of a pandemic outbreak,the facility will release funds quickly to affected poor countries.

The genesis of the new facility was the slow international response to the Ebola outbreak in 2014.

India,Slovenia Sign Pact to Amend DTAA

India and Slovenia have signed a protocol to amend the bilateral double taxation avoidance agreement (DTAA).

It will facilitate exchange of information to curb tax evasion.

The two countries signed the protocol amending the existing convention & protocol for avoidance & prevention of tax evasion.

The protocol will broaden the scope of the existing framework of exchange of tax-related information.

SEBI Tightens P-Note Norms

The Securities and Exchange Board of India (Sebi) has tightened the norms for participatory notes (P-notes) in order to check misuse of these instruments.

Under the new regulations, offshore derivative instruments (ODIs) issuers need to adhere to the Indian know your customer (KYC) norms..

The ODI issuers will have to report all the transfers made among the instruments issued by them.

HSBC plans to close 24 branches

British banking major HSBC plans to close 24 branches in India, a decision that will impact around 10 per cent of the company’s retail customer base and lead to 300 jobs losses.

HSBC’s decision to downsize its India operations comes after a strategic review of its retail banking and wealth management business, which showed customers are increasingly opting for digital banking services.

Cook Inaugurates Maps Development Office

Apple CEO Tim Cook inaugurated a facility in Hyderabad that would focus on development of maps for its products.

The investment will accelerate Maps development & create up to 4,000 jobs.

Apple has been continually updating and adding new features to Maps including 3D views, the Flyover feature .

It will help customers find convenient places to shop, eat and explore nearby areas.

IRDAI Issues New Insurer Solvency Rules

The Insurance Regulatory & Development Authority of India has come up with a new set of norms for companies maintaining a solvency ratio, based on line of business.

The health,motor & liability segments would be required to maintain a higher ratio.

It would be less in engineering, aviation & fire.

Available Solvency Margin is calculated as the excess of value of assets over that of liabilities.

PNB Reported Largest Loss in Banking

PNB reported a massive loss of Rs 5,367 crore for the quarter ended March 2016,the largest-ever loss reported by an Indian lender.

PNB’s loss,stems from having to set aside large sums of capital for bad loans.

As a percentage of its loan book, PNB’s bad loans are now at 12.9 %.

To cover for these bad loans, provisions have been increased, which has led to the bank reporting the worst loss ever.

HDFC Bank Launches SmartUp for Startups

HDFC Bank has launched SmartUp, a dedicated solution for startups, to fulfil all their banking needs.

SmartUp has been launched in association with Zone Startups India, a start-up accelerator.

It is tailored to meet all the requirements of a startup,offering banking & payment solutions,along with advisory & forex services.

SmartUp for start-ups is a complete banking solution created by HDFC.

Apple to Set Up Development Accelerator

Apple announced a new initiative to support engineering talent & accelerate growth in India’s iOS developer community.

It will establish a Design & Development Accelerator in Bengaluru.

This initiative will provide additional support for the developers who make applications for Apple’s iOS operating system.

Apple’s team will work to inspire & instruct developers on best practices.

Five Associate Banks to Merge with SBI

State Bank of India (SBI) has kick-started the process of merging its five associate banks with itself at one go.

The merger is expected to be completed by the end of the current financial year.

The merged entity will have one-fourth of the deposit and loan market.

SBI’s market share will increase from 17% to 22.5-23 %,.

The total business of the merged entity will be over Rs. 35 lakh crore.

ICICI Launches Contactless Credit Card

ICICI Bank has launched contactless business credit card in association with Jet Airways for small & mid-sized enterprises.

Jet Airways ICICI Bank Business Advantage Card credit helps customers to save on their business expenses.

The card is powered by the VISA payWave contactless technology that enables the cardholder to make payments by tapping the card at contactless enabled terminals.

Supreme Court admits Vodafone tax appeal

Supreme Court has accepted the appeal against Bombay High Court order that rejected the demand to tax the 8500 crore deal between Vodafone and Hutchison.

This case is different from another one in which the CBDT had decided not to appeal against a high court ruling that rejected a claim that Vodafone avoided tax while pricing its shares of Indian companies.

Decline in Exports for 17th month

Exports saw a dip for 17th month in a row by 6.7% to $20.5 billion.

Imports declined by 23.1% to $25.4 billion from $33 billion in April 2015.

Overseas shipment of petroleum and engineering products attributed as reasons for the dip.

Trade deficit in April halved to $4.8 billion as compared to last year’s $11 billion.

RBI Issues Norms for Branch Offices

The RBI said that entities from Pakistan,China, Bangladesh & four other regions will require its prior approval to establish branch office in India.

Startups will now be able to register patents in India faster & at much lower costs under a ‘tatkal (instant)’ option offered under the latest amended patent rules.

The amended rules seek to cut the time period for grant of patents to two & a half years immediately & one and a half years by March 2018.

These benefits will also be available to entities that file their first application in India.

Cheap power for industry : Piyush Goyal

Union Coal Minister Piyush Goyal has said that a model of cheap power at fixed long-term rates for industry has been prepared.

He also said that this will not end cross-subsidisation for agriculture demand.

It is anticipated that private investment in the energy sector would come in transmission, mining development and operations in coal and in renewables resulting in revenue generation for Govt.

Monetary Policy Panel by Sep this year

Economic Affairs Secretary Shaktikanta Das has said that the government is planning to set up a Monetary Policy Committee in the first half of FY17.

He said that the government is also hoping to move two legislative initiatives in the monsoon session of Parliament, one to deal with bankruptcy of financial firms and the other for dispute resolution of public-private partnership (PPP).

Law on civil fines for Green violations

Environment minister Prakash Javdekar has said that a law on civil penalties for green violations is near finalisation, which will help make implementation of green laws better.

The minister also said that the government would deploy greater use of technology to implement new emission standards for industries and the updated regulations for waste management.

Insolvency & Bankruptcy Code Bill Passed

Rajya Sabha has passed the ‘Insolvency and Bankruptcy Code Bill’, as a result of which the distressed companies, their promoters, creditors, employees and stakeholders would be dealt.

The objective of the law is to promote entrepreneurship, availability of credit and balance interests of all stakeholders.

A penalty of imprisonment up to 5 years or a fine up to Rs 1 Crore or both.

India announces new IPR

Under the new intellectual property rights’ policy of India, trademarks can now be registered in one month.

State level cells will be created to prevent IPR thefts.

Major institutions are to include IPR studies as a course.

The policy would be managed by the Department of Industrial Policy and Promotion.

India Sign Global Pact to Help Tax MNCs

India has joined a global agreement for automatic exchange of country-by-country reporting.

It will increase the flow of information about multinational companies across jurisdictions.

The Kenyan government has decided to close World’s biggest refugee camp in Dadaab.

An estimated 328,000 refugees mostly from Somalia are staying in Dadaab camp.

The camp compromises Kenya’s security because it harbors some of Somalia’s Al-Shabab militants & is a conduit for smuggling weapons.

The UN has urged Kenya to reconsider its decision to close Dadaab camp.

Rodrigo Wins Philippines Elections

Rodrigo Duterte has won the Philippine presidential elections.

Mr Duterte stirred controversy during campaigning with his incendiary comments.

He has credited his success to his tough stance on law and order.

His record as the crime-crushing mayor of the southern town of Davao earned him the moniker The Punisher.

Manuel Roxas is in second place with 9m (23%) of votes cast.

Bison Declared National Mammal of US

The bison has been named America’s first national mammal.

The National Bison Legacy Act was signed into law by President Obama

The act was passed by the House & Senate last month.

The measure will mean that the bison joins the bald eagle as an official animal symbol of the United States.

The designation aims to prevent bison from going extinct.

UN Launches Fund for Zika Virus Response

United Nations Secretary-General Ban Ki-moon announced the establishment of the UN Zika Response Multi-Partner Trust Fund (MPTF) to finance critical unfunded priorities in the response to the Zika outbreak.

The Fund aims to provide a platform to support a coordinated response from the UN system & partners.

It will directly support the Zika Strategic Response Framework developed by the WHO.

Greece Approves Bill Reforming Tax

Greece’s Parliament has approved a bill reforming the country’s pension and tax systems.

The bill introduced with regard to the requirements the country must meet under its third international bailout.

The bill is set to increase social security & pension contributions & raise taxes.

The bill was approved by the 153 lawmakers of the ruling Syriza/Independent Greeks government coalition.

Irish PM Enda Kenny Re-Elected

Enda Kenny has been re-elected as prime minister of Ireland.

Mr Kenny is the first Fine Gael party leader to secure two terms in power back to back.

His Fine Gael party won the most seats in the election but fell short of the quota needed to rule without support.

Fine Gael will stay in government only with support from Fianna Fail.

It is now expected that Mr Kenny will lead a minority govt.

N Korea Party Congress Kicked Off

North Korea kicked off its biggest political show for a generation.

The party congress aimed at cementing the absolute rule of leader Kim Jong-Un & shadowed by the possibility of an imminent nuclear test.

The party congress drew thousands of selected delegates from across the country to Pyongyang.

It is the seventh meeting of North Korea’s Worker’s Party and the first since 1980.

Turkish Prime Minister Resigns

The Turkish Prime Minister, Ahmet Davutoglu, has announced his resignation after 20 months in office.

He confirmed that he will formally step down at his party’s congress on 22 May.

He is likely to be replaced with someone more loyal to President Recep Tayyip Erdogan.

The move brings an unceremonious end to Mr. Davutoglu’s effort to establish himself as Mr. Erdogan’s rightful heir.

Zimbabwe to Print its Own US dollar

Zimbabwe is set to print its own version of the US dollar in order to ease a cash shortage.

Bond notes will be backed by 200 million dollars support from the Africa EXIM Bank.

The dollar notes will have the same value as their US dollar equivalents.

Zimbabwe introduced the US dollar against its own currency in 2009.

Since then Zimbabweans have been using the dollar & other foreign currencies.

Times Top 100 University Rankings

For the fifth year in a row, no Indian institution has made it to the top 100 in the Times Higher Education World Reputation Rankings.

The list was compiled by the London-based Times Higher Education weekly magazine.

Harvard University leads the rankings for the sixth year in a row.

The succeeding two positions were taken up by Massachusetts Institute of Technology, & Stanford University.

National Affairs

Hamid Ansari Leaves for Morocco, Tunisia

Vice-President Hamid Ansari embarked on a 5 day visit to Morocco & Tunisia.

This is the first visit by an Indian Vice-President in 50 years to the two nations.

The Vice-President will discuss issues of terrorism, investments in private sector, as well as ways to strengthen outreach to Africa & regional matters.

Mr. Ansari will be in Morocco till June 1 at the invitation of PM Abdelilah Benkirane.

Speed Trial Talgo Train Conducted

The Indian Railways conducted the speed trial of Spanish-built Talgo train between Bareilly & Moradabad in Uttar Pradesh.

The trial run will be conducted in a series of phases to test the riding, safety & stability.

Talgo is a Madrid-based Spanish leading manufacturer of semi & high-speed passenger trains.

The Talgo train coaches are lightweight and designed in a way that it can run on curves.

Lakshadweep Signs Power for All Document

Lakshadweep became first Union Territory (UT) to sign 24×7 Power for All document.

Representative of Government of India & the Administration of Lakshadweep signed the document.

The document chalks out a plan to increase solar capacity of the region from 2.15 MW to 8.45 MW.

At present, 10 inhabited islands of Lakshadweep are being fed by diesel mostly.

Karnataka Takes Uber-Ola Off the Road

Karnataka has directed taxi aggregators such as Uber & Ola to stop their operations with immediate effect.

The govt stated that they have not secured licenses to offer such services to commuters.

The ban comes days after drivers affiliated to these taxi aggregators protested against transport authorities.

Uber & Ola who have a national presence are the two large cab aggregators in the country.

Centre to set up NIMZ in Orissa

The Central govt. has given final approval for setting up of National Investment & Manufacturing Zone (NIMZ) in Kalinganagar,Odisha.

A total of Rs 4,241 crore will be invested in the proposed NIMZ at Kalinga Nagar.

The first phase of the project will be completed by 2020.

The proposed project would be a mega industrial zone having a world-class township to cater to the needs of the investors.

Mamata Banerjee Sworn in West Bengal CM

Mamata Banerjee was sworn in as the chief minister of West Bengal for the second consecutive time.

She was administered oath of office and secrecy by state governor Keshri Nath Tripathi.

She first took over as chief minister on May 20, 2011.

In the recent concluded assembly elections, Banerjee led the Trinamool to a landslide victory, with the party winning 211 seats.

Bullet Train to Run in India by 2023

Railway minister Suresh Prabhu has said the first bullet train will run in India in 2023.

The bullet train is expected to cover 508 km between Mumbai & Ahmedabad in about two hours,running at a max speed of 350 kmph.

The project is estimated to cost about Rs 97,636 crore, 81% of the funding will come by way of the loan from Japan.

Ms. Robinson had previously worked as the UN High Commissioner for Human Rights.

Mr. Kamau is Kenya’s ambassador to the United Nations.

New CEO of Petrobras Named

Brazil’s interim president namedPedro Parente as new CEO of state-controlled oil producer Petrobras.

Pedro Parente replaces existing chief executive Aldemir Bendine.

Petrobras is at the centre of a massive corruption scandal.

It is now the most indebted oil company in the world.

It has long been one of the biggest employers in Brazil, with more than 80,000 employees.

Pinarayi Vijayan to be Kerala’s new CM

It is learnt that the Pinarayi Vijayan, and not Achuthanandan will be the new chief minister at the head of LDF government in Kerala.

Vijayan is seen to have scored over star campaigner and former chief minister Mr Achuthananadan primarily because he is 20 years younger at 72. He also has a big majority in the party’s state committee.

Vijay Bahuguna expelled by Congress

Mr Bahuguna and eight other lawmakers, including seniors like Harak Singh Rawat, had been disqualified by the Uttarakhand assembly speaker in March after they revolted against Harish Rawat.

Former Uttarakhand CM Bahuguna on Thursday was inducted into BJP along with 8 others.

The clearance for the induction came during a meeting of the BJP state unit leaders with party chief Amit Shah.

Modi Crosses 20 mn Followers On Twitter

Modi has crossed the count of a whopping 20 million followers on Twitter.

He is right next to US President Barack Obama with 75 million followers becoming the second most followed politician in the world.

Narendra Modi’s Twitter account has added three million followers since the start of the current year.

Narendra Modi has moved ahead of Shah Rukh Khan, who has 19.5 million followers.

Sushil Kumar takes fight to High Court

Kumar has moved the Delhi High Court, seeking a trial against Narsingh to decide who among them gets to represent the country at the Rio Olympics.

Kumar had not been able to participate in the 2015 world championships as he was unwell. Yadav had represented India and secured the berth for Olympics.

The Olympics has 18 wrestling events, out of which India has secured berths to participate in 8.

Mudgal in FIFA Governance Committee

Football world governing body FIFA has appointed Justice Mukul Mudgal as deputy chairman of its governance committee.

Portuguese Luis Miguel Maduro will head FIFA’s governance committee.

Mudgal & Maduro will also head FIFA’s International Review Committee which will assess all major decisions.